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Dayou Group sells savings bank to focus on electronics business

Collected: 2018.03.02

Distributed: 2018.03.05

Source: Go Direct

South Korea’s Dayou Group has signed an agreement Wednesday to sell Smart Savings Bank to JS Asset Management for 78 billion won ($72 million) to finance its acquisition of the country’s third largest home appliance maker and redraw its business strategy around home electronics business.

In early February, Dayou Group announced it closed a deal to buy an 84.5 percent share of Daewoo Electronics jointly owned by Dongbu Group and several investors for an estimated 120 billion won.

Sources said Dayou is planning to inject 120 billion won into Dongbu Daewoo Electronics with the goal of making the appliance maker the country’s third-largest electronics company after Samsung and LG.

Smart Savings Bank had been a cash cow for Dayou and its operating profit reached 20.8 billion won in 2016.

Dayou Group is prepping to re-design its business structure focusing on Dongbu Daewoo Electronics and kimchi refrigerator maker Dayou Winia as the group’s new growth drivers, according to people who are familiar with Dayou.

By Moong Ji-woong and Minu Kim

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